Fitch lifts Philippines view to positive

Fitch Ratings said it affirmed the Philippines’ long-term foreign-currency issuer default rating at BBB- and local-currency issuer default rating at BBB.

The agency also said it revised the country’s outlook to positive.

The issue ratings on its senior unsecured foreign- and local-currency bonds also are affirmed at BBB- and BBB, respectively. The country ceiling was affirmed at BBB and its short-term foreign-currency issuer default rating at F3.

The outlook revision reflects the country’s improved governance standards and competitiveness indicators, as measured by international organizations, Fitch said.

The country’s global competitiveness, as ranked by the World Economic Forum, has risen to a level comparable to peers with BBB ratings, the agency said.

Indicators for corruption, transparency and economic freedom also have improved substantially, the agency said.

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